The Congressional Budget Office projects the 2013 budget deficit will drop below $1 trillion for the first time since 2008 to $845 billion.

The CBO anticipates economic growth will remain slow this year; the unemployment rate -- currently at 7.9 percent -- is also expected to remain above 7.5 percent through next year.

However, the CBO projects economic growth to speed up after this year.

Read the report here.